Sensex Today: Indian shares were muted on Wednesday, with benchmarks battling technical resistance levels and traders holding off bets ahead of an anticipated interest rate pause by the U.S. Federal Reserve. With the benchmarks nearing all-time highs, analysts expect consolidation to continue in the next few sessions.
The S&P BSE Sensex recovered from the day’s low of 63,014, to hit a high of 63,274. The index finally ended 85 points higher at 63,229. The BSE benchmark index has gained 602 points in the last three trading sessions.
The NSE Nifty 50 moved in a narrow 70 points range and settled with a gain of 40 points at 18,756.
“If Nifty 50 holds on to 18,700 levels, there is scope for further surge, or else the recent upmove would fizzle out,” said Ajit Mishra, senior vice president for technical research at Religare Broking.
“It is time to focus on diversification, across market capitalisations and sectors,” economists at SBI Funds Management wrote in a note.
Global Cues
Tokyo shares opened higher Wednesday following US gains as investors awaited the US Federal Reserve’s rate decision.The benchmark Nikkei 225 index jumped 0.94 percent, or 311.44 points, to 33,330.09 in early trade, while the broader Topix index added 0.84 percent, or 19.13 points, to 2,283.92.
The S&P 500 and Nasdaq reached their highest closes in 14 months on Tuesday after data showed consumer prices rose modestly in May, boosting bets that the Federal Reserve will not raise interest rates on Wednesday.
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